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LendingClub Review

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Anonymous
Not applicable

LendingClub Review

I'be been reading here for a while and after a reading a few reviews about LendingClub I decided to pull the tirgger.  It was so easy that I wanted to share my experiences with everyone here. 

 

I applied by responding to one of their pre-approvals I receive in the mail.  Applied on a Friday night for 7k and was approved for up to 35k.  They give you a list of amounts and repayment terms that you are elibible for, I selected 7k for 36 months.  This was on a Friday night, message said my loand would post for investors on Saturday.  I checked back on Sat and my loan had been picked up very quickly (withing 15 minutes) by one investor for the full amount.  I had a checklist of two items to follow up on, email address and bank account.  My email address verification was easy and fast.  I entered my bank information and had to wait for their deposit.  Received the deposit on Monday, and quickly entered the amount into the LendingClub website.  Status was changed to Approved and Ready to Fund, or something like that.  Tuesday the status changed to Funded, and Wednesday morning I had the money in my bank account!  That is 5 days overall, but 2 of those days fell on a weekend.  I'm very impressed!

 

Mine as a consolidation loan, I'm using the money to pay off my higher reate credit cards.   Some of the cards I'm paying off are WebBank's (Chevron, Amazon, Dell) I wonder if that will affect me if I every apply again? 

 

Terms weren't bad,  2.xx% (APR 14.XX) but the rest of my credit cards are in the 13-15 range so I can't complain.  I have a Home Depot with a $5K balance at around 20%, I didn't inlcude because I was afraid that I'd be rejected for $12k, I might wait a few months and try again.  Does anyone know how long I should wait?

 

My TU score is my lowest at 671 (EQ is 725 and EX 718).  All scores pulled here, no idea why TU is so low.   My utilizaiton is high, around 63%, and I have a lot of debt but no lates, nothing bad.

Message 1 of 11
10 REPLIES 10
Berk
Established Contributor

Re: LendingClub Review

I had a very positive experience with Prosper. My requst was for 15k and I was funded in hours. Had to upload bank info and less than 24 hours later got an email stating the money was in my account. My APR is 8% for 36 months.

Message 2 of 11
ibmrad7
Established Contributor

Re: LendingClub Review

Does Prosper perform a HP for your application? I know LendingClub in SP only.

Message 3 of 11
Simply827
Established Contributor

Re: LendingClub Review

I too decided to take out a Lending Club loan. I applied Monday morning, funds were in my account today. I'm very satisfied with the process so far. Hopefully sending in extra payments doesn't prove to be too difficult. 

 

I read on another thread that waiting 6 months before requesting another loan should be good. Though I think you should have went for the whole amount. I was looking on the page about how they set rates and loans 5- 25k had the same risk. I requested 15k and my loan was fully funded quickly by one investor.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 4 of 11
JSS3
Valued Contributor

Re: LendingClub Review

So they don't need your assets(ie house, car, proof of income)? How does it report? As an installment loan I presume?

Message 5 of 11
Simply827
Established Contributor

Re: LendingClub Review

I was only asked for income and rent payment. No proof of income was requested, though for some, it might.

 

From what I read, it shows up as an installment loan in about 2 months.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 6 of 11
Anonymous
Not applicable

Re: LendingClub Review

Yeah I think these loans show up as an installment loan. And yeah, Prosper does softpulls also for a request. I've never had a loan but I did get quotes from both places, no hard pulls for either. I can assume a hardpull would be done later in the process but I'm not 100% sure as I've never gone through the process.

Message 7 of 11
JSS3
Valued Contributor

Re: LendingClub Review

Is there a penalty for paying it off early?

Message 8 of 11
Anonymous
Not applicable

Re: LendingClub Review

No, they only verified my email and bank account number, but then I have other accounts with WebBank, long history and no late payments. 

 

It was so easy!!

Message 9 of 11
Berk
Established Contributor

Re: LendingClub Review

With Prosper it was SP only and, no, there is no penalty for paying off early. Obviously, the less of a risk you are, the better the rate you get. Such a simple process. Great way to get an unsecured loan.


 

Message 10 of 11
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